CLARITY Act Delay Looms as House Republicans Scrap Final Two Weeks
The US crypto industry is facing potential uncertainty as the House Republicans' decision to cancel the final two weeks of the September session could delay the consideration of the CLARITY Act.
The bill, which aims to provide market structure and clarity for digital assets, had its initial vote scheduled for September 15 in the Senate. However, with the shortened House schedule, it is now extremely unlikely that the legislation will pass before the midterm elections.
Brendan Pedersen warned on X that this development is 'potentially very bad news' for the crypto industry. Alex Thorn, head of firmwide research at Galaxy Digital, also expressed concern, stating that the shortened September session makes it 'extremely unlikely' that CLARITY will pass before the midterms.
The House's decision to cancel the final two weeks of September has left little time for the chambers to act in sequence. The bill needs to be passed by both the House and Senate, and a delay until after the midterms could introduce fresh uncertainty over its prospects, considering that the Democrats are likely to win the House.